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Kotak Term Protection Life Insurance Plan and Policy

Kotak Term Protection Life Insurance Plan and Policy - Unfortunate events and untimely deaths put a lot of trauma and financial distress to those dependent on the breadwinner. Kotak Term Plan is a pure risk cover plan that ensures that adequate financial protection is provided to your family in the event anything happens to you. The life cover is paid to the beneficiary in the event of your unfortunate death. This way you will be sure that your family is financially secure even in your absence. This plan also ensures that enough provisions are made to pay out your financial liabilities in the event you are not around.

Features - Kotak Term Protection Life Insurance Plan and Policy

The features of Kotak Term Plan are as follows:

  • The insurance cost is low and provides you significant cover at economical prices. Women can further enjoy reduced premiums.
  • The plan can be converted to any other plan that is offered by Kotak Life Insurance other than term plan provided that there are at least 5 years remaining till the plan matures.
  • The premiums can be paid either one time or through regular pay. If you choose regular pay, then you can pay premiums annually, half yearly, quarterly or on a monthly basis.
  • You get the option to avail riders with this plan. The rider available are:
    • Kotak Accidental Death Benefit
    • Kotak Permanent Disability Benefit
    • Kotak Critical Illness Benefit
  • The minimum sum assured is Rs.3 lakh and the maximum sum assured is Rs.24,99,999
  • You get 30 days grace period to pay the premium due.
  • 15 days free look period is offered and 30 days for policy solicited through distance marketing channels to return the policy if you are not happy with it.
  • You can surrender the policy if you have chosen single premium payment option.

Benefits - Kotak Term Protection Life Insurance Plan and Policy

The benefits of Kotak Term Plan are as follows:

  • Death benefit payable is the sum assured less the balance of the premium payable in the year of death.
  • You can add the riders to get lump sum benefit payable on accidental death, instalments payable if you become disabled and portion of sum assured will be paid in advance if you are diagnosed with a critical illness.
  • You can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Eligibility - Kotak Term Protection Life Insurance Plan and Policy

The eligibility criteria for this plan are as follows:

  • The minimum age at entry is 18 years and the maximum age at entry is 65 years.
  • The maximum age at maturity is 70 years.
  • Minimum annual premium is Rs.2,000 and for single premium the minimum premium allowed is Rs.12,000. The maximum premium is based on the sum assured.

Kotak Protection Life Insurance Plans and Policy